Fortune: “Albertsons Challenges Amazon and Buys Meal-Kit Startup Plated”
Several sources have reported on the acquisition of Plated, the fast-growing meal-kit business and Renovata client, by national grocery chain, Albertsons. The full terms have not been disclosed, but the deal values Plated anywhere between $200m and $300m.
The meal-kit landscape is competitive, but Plated got a boost after a successful appearance on the hit TV show, Shark Tank. Since then, it has won plaudits from commentators, including being ranked the best meal-kit service by ‘Money’ magazine.
Some businesses in this space have found progress slow – both Fortune and CNBC note that Blue Apron’s IPO was particularly lackluster. However, the Plated/Albertsons tie-up is part of a positive trend in which retailers connect with meal delivery services. The retailer gets to put its stock and brand into more homes and unlock a new modern category of grocery consumption. The delivery service gets retail placement and a ready supply chain. Co-founder Nick Taranto is buoyant, telling CNBC, “This partnership enables us to become a $10 billion brand in a matter of years.”
Read some of the press coverage here: